Terra Drone has granted drone solutions to ten countries. Gaining new funds, the company establish a subsidiary in Saudi Arabia, Terra Drone Arabia.
Heaptalk, Jakarta — Terra Drone Corporation, a drone technology, and Urban Air Mobility (UAM) supplier, has received funding worth US$14 million, or approximately (Rp209 billion) from Wa’ed Ventures, the venture capital arm of giant oil producer, Saudi Aramco. The company will allocate the fresh capital to build a new subsidiary, Terra Drone Arabia, in Saudi Arabia.
The new subsidiary company creation aligned with Saudi Arabia’s vision to speed up the economic transformation by alleviating the country’s dependency on hydrocarbon. Generally, technology is a core of this intention following the government’s encouragement to utilize drone technology in the asset inspection service.
With the new subsidiary establishment, this drone technology company expects to invent new job opportunities in Saudia Arabia while expediting the drone industry in the Middle East. The company will provide oil-gas inspection, whereby this subsidiary company would bestow the holding company performing global expansion.
Terra Drone currently provides drone solutions and UAM in over ten countries. The subsidiary company establishment is aimed to promote drone inspection to boost the economy in Saudi Arabia, ensure safety and efficient UAM technology, and amplify investment activity for the growth of these companies.
“Supported by the global experience of Terra Drone, our investment aim to create UAM in Saudi Arabia, focusing on a sustainable economy. We perceive the rapid adoption of UAM technology as the growing technology vertical in the region. For this reason, this technology corporation is a perfect fit to adapt its innovation across the region, including Saudi Arabia,” The Managing Director of Wa’ed Ventures, Fahad Alidi, voiced.
Established in 2013, Wa’ed Ventures aims to enhance technology-based innovation in Saudi Arabia by augmenting investment portfolios to resolve economic issues in the country. As it is known, this strategic investment is the first capital injection activity of Wa’ed Ventures toward Asia’s startup.
“We have built a solid track record domestically and internationally and evolved to become the leading drone services provider worldwide. The Saudi Aramco investment through its venture capital arm, Wa’ed Venture, is considered the global recognition of our accomplishment. Therefore, our team would continue to carry out Terra Drone to lead the forefront through global innovation,” The CEO of Terra Drone Corporation, Toru Tokushige, said in a statement.
